Using the following situations, prepare recording transactions and its general journal. BUSINESS TRANSACTION Dec. 01 - Yvone Iris Saledo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of P350, 000 in the form of cash. Dec. 02 – She bought office furniture and fixtures from Hazel Company amounting to P40, 000 as evidenced by the delivery receipts and invoices; Made a down payment of P15, 000. Dec. 04 – She purchased various poultry products from Nicanor Poultry Farms amounting P90, 000, Paid P40, 000 and was issued a change invoice for the balance. Dec. 05 - She bought various office worth of P2, 500 and store supplies worth of P 3, 000 as evidenced by an official receipt from the seller
Using the following situations, prepare recording transactions and its general journal. BUSINESS TRANSACTION Dec. 01 - Yvone Iris Saledo opened her small poultry products business with the approved trade name of Fresh Poultry Store. The business is located at Jalipa Street, Pigcawayan, Cotabato. She made an initial investment of P350, 000 in the form of cash. Dec. 02 – She bought office furniture and fixtures from Hazel Company amounting to P40, 000 as evidenced by the delivery receipts and invoices; Made a down payment of P15, 000. Dec. 04 – She purchased various poultry products from Nicanor Poultry Farms amounting P90, 000, Paid P40, 000 and was issued a change invoice for the balance. Dec. 05 - She bought various office worth of P2, 500 and store supplies worth of P 3, 000 as evidenced by an official receipt from the seller
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Question
I badly need an answer pls help me
Transcribed Image Text:Learning Task 1:
Using the following situations, prepare recording transactions and its general
journal.
BUSINESS TRANSACTION
Dec. 01 – Yvone Iris Saledo opened her small poultry products business with the
approved trade name of Fresh Poultry Store. The business is located at Jalipa
Street, Pigcawayan, Cotabato. She made an initial investment of P350, 000 in
the form of cash.
Dec. 02 – She bought office furniture and fixtures from Hazel Company
amounting to P40, 000 as evidenced by the delivery receipts and invoices; Made
a down payment of P15, 000.
Dec. 04 – She purchased various poultry products from Nicanor Poultry Farms
amounting P90, 000, Paid P40, 000 and was issued a change invoice for the
balance.
Dec. 05 – She bought various office worth of P2, 500 and store supplies worth of
P3, 000 as evidenced by an official receipt from the seller
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education